Geode Capital Management LLC Has $196.65 Million Holdings in Loews Co. (L)

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Geode Capital Management LLC grew its position in shares of Loews Co. (NYSE:L) by 7.2% in the fourth quarter, Holdings Channel reports. The institutional investor owned 4,326,269 shares of the insurance provider’s stock after buying an additional 291,715 shares during the period. Geode Capital Management LLC’s holdings in Loews were worth $196,648,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently made changes to their positions in L. Oregon Public Employees Retirement Fund raised its position in Loews by 4,728.5% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 3,401,027 shares of the insurance provider’s stock worth $75,000 after buying an additional 3,330,590 shares during the last quarter. BlackRock Inc. raised its position in Loews by 4.1% during the 4th quarter. BlackRock Inc. now owns 18,932,642 shares of the insurance provider’s stock worth $861,813,000 after buying an additional 739,962 shares during the last quarter. California Public Employees Retirement System raised its position in Loews by 33.4% during the 4th quarter. California Public Employees Retirement System now owns 1,610,859 shares of the insurance provider’s stock worth $73,326,000 after buying an additional 403,256 shares during the last quarter. Bank of New York Mellon Corp raised its position in Loews by 18.8% during the 4th quarter. Bank of New York Mellon Corp now owns 2,478,852 shares of the insurance provider’s stock worth $112,837,000 after buying an additional 393,140 shares during the last quarter. Finally, Citigroup Inc. raised its position in Loews by 517.6% during the 4th quarter. Citigroup Inc. now owns 441,255 shares of the insurance provider’s stock worth $20,086,000 after buying an additional 369,807 shares during the last quarter. Institutional investors own 62.55% of the company’s stock.

A number of equities analysts have recently issued reports on the stock. Zacks Investment Research upgraded shares of Loews from a “hold” rating to a “buy” rating and set a $57.00 price target for the company in a report on Tuesday, May 7th. Scotiabank reiterated an “average” rating and issued a $68.00 price target on shares of Loews in a report on Friday, February 22nd. Finally, Barclays reiterated an “average” rating and issued a $72.00 price target on shares of Loews in a report on Thursday, February 21st. Four analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. Loews presently has a consensus rating of “Hold” and an average target price of $64.50.

In related news, SVP Richard Waldo Scott sold 4,591 shares of the stock in a transaction dated Wednesday, March 13th. The shares were sold at an average price of $47.80, for a total value of $219,449.80. Following the sale, the senior vice president now directly owns 29,732 shares of the company’s stock, valued at approximately $1,421,189.60. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Walter L. Harris sold 820 shares of the stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $47.81, for a total transaction of $39,204.20. Following the completion of the sale, the director now directly owns 12,178 shares in the company, valued at $582,230.18. The disclosure for this sale can be found here. Insiders sold a total of 34,212 shares of company stock valued at $1,694,904 in the last quarter. Insiders own 14.20% of the company’s stock.

Shares of L opened at $51.87 on Friday. The company has a quick ratio of 0.34, a current ratio of 0.34 and a debt-to-equity ratio of 0.51. The stock has a market capitalization of $16.01 billion, a PE ratio of 18.26 and a beta of 0.69. Loews Co. has a 52-week low of $42.06 and a 52-week high of $52.62.

Loews (NYSE:L) last announced its quarterly earnings results on Monday, April 29th. The insurance provider reported $1.27 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.96 by $0.31. The business had revenue of $3.76 billion during the quarter. Loews had a net margin of 5.17% and a return on equity of 4.72%. During the same quarter in the prior year, the business earned $0.80 EPS. On average, equities research analysts forecast that Loews Co. will post 3.4 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Tuesday, June 11th. Stockholders of record on Wednesday, May 29th will be issued a $0.0625 dividend. The ex-dividend date of this dividend is Tuesday, May 28th. This represents a $0.25 dividend on an annualized basis and a dividend yield of 0.48%. Loews’s dividend payout ratio is presently 8.80%.

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About Loews

Loews Corporation, through its subsidiaries, provides commercial property and casualty insurance in the United States and internationally. It operates through CNA Financial Corporation; Diamond Offshore Drilling, Inc; Boardwalk Pipeline Partners, LP; and Loews Hotels Holding Corporation segments. The company offers specialty insurance products, such as management and professional liability insurance coverages and products; surety and fidelity bonds; and warranty and alternative risk services.

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Institutional Ownership by Quarter for Loews (NYSE:L)

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